Automakers would like to forget the economic collapse of 2009. But with talk of a global recession accelerating in recent weeks, they're preparing for the worst.
Automakers would like to forget the economic bloodbath of 2009. But with talk of a global recession accelerating in recent weeks, auto executives are preparing for the worst -- while also trying to stay optimistic.
"Without bespoke, Rolls-Royce would not exist," Muller-Ovtos acknowledged."The bespoke business is growing like hell." Stephan Winkelmann, president of Bugatti Automobiles S.A.S., would not say whether an economic slowdown would force the company to put its plan to build a second model in neutral. Bugattis, which are hand-built in France and start at $3 million, are sought after when stocks are booming. But there are limits even for high-net worth individuals who can afford these 1,500-horsepower sports cars.
"All luxury automakers suffered in the last recession," he told ABC News from London."Luxury cars are discretionary purchases. They're the first things people stop buying. No one needs one." "We will see more generous discounts if there is a recession," Caldwell told ABC News."Production does not slow down. Carmakers will need to discount inventory to get vehicles off dealer lots."
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